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Binance announces new crypto transfer rules for Polish users to align with MiCA guidelines

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Binance announces new crypto transfer rules for Polish users to align with MiCA guidelines
Web3/Crypto
Webp headshots 1
Richard Teng, CEO of Binance | Instagram.com

Binance announced that, starting January 20, 2025, Polish users will be required to provide additional sender and beneficiary information for crypto deposits and withdrawals above €1,000 to comply with European Union (EU) regulations. The update was posted on their website on January 16.

According to their website, Binance Poland will require users to provide detailed sender and beneficiary information for crypto deposits over €1,000 and all withdrawals. This update aligns with EU regulatory requirements and aims to enhance compliance with Markets in Crypto-Assets (MiCA) guidelines. Transactions may be delayed or returned if the required information is not provided during deposits or withdrawals.

The European Union's website states that the MiCA Regulation, effective from December 30, 2024, establishes a unified framework across the EU for the issuance and provision of services related to crypto-assets. The regulation aims to enhance consumer protection, ensure market integrity, and foster innovation within the crypto-asset sector.

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As of January 2025, Binance has secured regulatory approvals in 21 countries. This includes recent authorization from Brazil's Central Bank for the acquisition of a locally licensed broker-dealer, marking its 21st global regulatory milestone. According to FF News, this extensive compliance highlights Binance’s commitment to adhering to international standards and fostering trust within the global crypto community.

According to its website, Binance was founded in 2017 by Changpeng Zhao and is the largest cryptocurrency exchange by trading volume. It provides a wide range of services including crypto trading, blockchain education, and decentralized finance with operations spanning over 180 countries worldwide. Binance holds regulatory compliance and innovation as key drivers for global crypto adoption.

Richard Teng has been Binance's CEO since 2023. He previously held leadership roles at the Monetary Authority of Singapore, Singapore Exchange, and Abu Dhabi Global Market. His expertise lies in financial services and regulatory compliance according to Binance's website.

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Blockchain lawyer: 'Crypto’s broader purpose' is restoring 'non-commercial third spaces'